1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Snowcat [4.5K]
3 years ago
10

On January 1, 2021, Gundy Enterprises purchases an office building for $338,000, paying $58,000 down and borrowing the remaining

$280,000, signing a 9%, 10-year mortgage. Installment payments of $3,546.92 are due at the end of each month, with the first payment due on January 31, 2021.
Required:
Record the purchase of the building on January 1, 2021.
Business
1 answer:
Rina8888 [55]3 years ago
3 0

Answer:

Debit Building $338,000

Credit Cash $58,000

Credit Notes Payable $280,000

Explanation:

Preparation of the journal entry to Record the purchase of the building on January 1, 2021.

Based on the information given we were told that the company purchases an office building for the amount of $338,000 which means that if they paid $58,000 down and as well borrowed the remaining amount of $280,000 the journal entry to Record the purchase of the building on January 1, 2021 will be :

Debit Building $338,000

Credit Cash $58,000

Credit Notes Payable $280,000

(Being to record the purchase of building)

You might be interested in
What is a misdemeanor?
nasty-shy [4]

Answer:

D

Explanation:

In fact a misdemeanor is less bad than a felony

6 0
3 years ago
HELP ASAP In which situation would government regulation most likely be necessary?
ozzi

Answer:

1

Explanation:

A factory requires employees to work in unsafe conditions.

4 0
3 years ago
Currently Ark is charged $3,144,267 Depreciation on the Income Statement of Andrews. Andrews is planning for an increase in this
german

Question Completion:

A)Have no impact on the Net Cash from Operations as depreciation appears in both the Cash Flow and the Income Statement

B)Decrease Net Cash from Operations on the Cash Flow Statement

C)Increase Net Cash from Operations on the Cash Flow Statement

D)Just impact the balance sheet

Answer:

C)Increase Net Cash from Operations on the Cash Flow Statement

Explanation:

When Andrews increases the depreciation charge of $3,144,267 to a higher amount, this will decrease the net operating income.  In computing the adjustment to net income for non-cash expenses, the increased depreciation will automatically increase the net cash from operations because of the tradeoff effects.  So, on the financial statements of Andrews, specifically on the Statement of Cash Flows, the increased depreciation expense or charge will positively increase the net cash from operating activities.

4 0
3 years ago
What is research and development in research?
borishaifa [10]

Businesses engage in research and development (R&D) when they want to produce new products or find ways to enhance the ones they already have. Larger businesses might have their own in-house research and development group that will evaluate and improve items or procedures prior to use in the marketplace.


The creation of new knowledge is what research and development do. It is a task that businesses carry out in order to create new goods, methods, or services, or to enhance ones that currently exist. Businesses frequently assume risk in order to achieve this.

While the development stage of research and development comprises the processes necessary to bring a new or modified product or process into production, applied research advances the findings of basic research to the point where they can be used to address a particular need.


For more information on research and development visit:
brainly.com/question/18133163
#SPJ4

8 0
1 year ago
*WILL MARK BRAINLIEST!*
sweet [91]

The answer is D, opportunity costs.

4 0
4 years ago
Other questions:
  • Max is a chef at a local restaurant. He's making a broth and wants it to have a rich, roasted flavor. Max should add _______ to
    9·2 answers
  • You give disappointments little thought after they happen.
    12·1 answer
  • The quality of a soil is most directly related to ________.
    15·1 answer
  • Ethisphere is a socially conscious research organization that analyzes and reports on corporate social responsibility efforts. T
    13·1 answer
  • During the current year, Haft Co. became involved in a tax dispute with the IRS. At December 31, Haft’s tax advisor believed tha
    7·1 answer
  • A company that makes which of the following types of products would best be suited for a job costing system?a. Fruit juice b. Ba
    5·1 answer
  • Suddeth Corporation has entered into a 6 year lease for a building it will use as a warehouse. The annual payment under the leas
    15·1 answer
  • Assume that you are running for president of a local sports club, for which there is another contender. Although you have admini
    9·1 answer
  • Blossom Company incurs these expenditures in purchasing a truck: cash price $26,470, accident insurance (during use) $2,080, sal
    12·1 answer
  • The employment process is carried out by which department?
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!